Premji vies with buyout funds for $220m kims hospitals deal

1. Premji vies with buyout funds
for $220m KIMS hospitals deal
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2. Contd…
Tech billionaire Azim Premji is among the four shortlisted bidders to buy
controlling shares in private healthcare chain KIMS Hospitals in a deal estima
ted at around $220 million (around Rs 1,400 crore), multiple sources directly
familiar with the matter said. Kerala-based KIMS operates 2,000 beds
through a network of hospitals in the Middle East and southern India.N M
Rothschild is advising the existing foreign investors -Orbimed and Ascent
Capital -on a secondary sale of shares, besides a fairly large primary capital
infusion into the company . Private equity investors TPG Capital, India Value
Fund and an entity backed by Singapore's Temasek Holding are the other
suitors in the fray.
Some of the bidders could join forces even as binding offers are expected
shortly , sources said.
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3. Cont…
The 70-year-old Wipro chairman's personal investment en tity PremjiInvest manages assets
worth over $2 billion and has invested in about 50 publicly traded and privately held
companies. The latest deal making could mark its first acquisition if its bid emerges
successful. Premji, who has placed significant investment bets on the consumption-driven
economy , is an investor in cancer care specialist HCG Global, which listed on the bourses
last year.
When contacted, KIMS executive director E M Najeeb declined to comment. An emailed
query to PremjiInvest chief investment officer Prakash Parthasarathy remained
unanswered at the ti me of going to press. TPG declined to comment. India Value Fund and
Temasek could not be reached immediately .
TPG has prospected this deal even before a formal process kicked off earlier this year. India
Value Fund, one of the largest private equity managers in the country , is likely to partner
with some of its global sponsors in bidding for the healthcare asset, sources mentioned
earlier in the report added. Founders, led by Dr M I Sahadulla, and senior management
would retain a substantial minority stake following the deal.
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4. Contd…
Indian healthcare services industry has seen M&As return as buyout funds chase
deals in an expanding economy with longer life expectancy . Dubai's Abraaj Capital
acquired Hyderabad-based Care Hospitals in a $300-million deal, while Blackstone
actively pursued a deal with Gujarat's Sterling Hospitals before dropping it some
weeks ago. Private equity funds are in the reckoning to take control of Pune-based
Sahyadri Hospitals, put on the block by IDFC.
Middle East-based Indianorigin heavyweights B R Shetty of NMC Healthcare and
Azad Moopen of Aster DM Healthcare are also revving up action as they build a
local footprint in a sector dominated by Prathap C Reddy-led Apollo Hospital,
Shivinder and Malvinder Singh's Fortis and Ranjan Pai-driven Manipal Hospitals.
Founded in 2002, KIMS has a network of eight hospitals and a string of medical
centres employing 850 doctors and 950 nursing staff. Its Middle East footprint
covers Bahrain, Oman, Qatar, Saudi Arabia and the UAE. In India, KIMS has multicity
presence in Kerala apart from owning majority shares in cancer care specialist KIMS
Bibi Hospital in Hyderabad.
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